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☆ Casino extends creditors’ losing streak
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

Casino had previously hinted that it was seeking to restructure the unsecured portion of its debt, worth around 3.6 billion euros, implying that the remaining 4 billion euros of secured debt would remain intact. That implies borrowings of less than 2.7 billion euros, based on analysts’ forecasts compiled by Refinitiv. As a result, between 1 and 1.5 billion euros of the secured debt may also be converted into equity. Casino reckons it needs at least 900 million euros of new money to finance the company’s business plan in the next few years. The winner, who will be the group’s largest shareholder, will then determine whether they can end Casino’s losing streak.

Persons: Daniel Kretinsky, Xavier Niel, Pierre Briancon, crouch, Eli Lilly, Peter Thal Larsen, Streisand Neto Organizations: Reuters, Casino, Refinitiv, Twitter, Thomson Locations: Czech

The group will study this expression of interest and keep the market informed," Casino said in a statement on Wednesday. And the holding company through which Naouri controls Casino is also heavily indebted. Niel, Pigasse and Zouari said they would invest 200 million to 300 million euros themselves, with the rest coming from unspecified partners, including Casino creditors. The trio's proposal comes after Kretinsky, Casino's second-largest shareholder, offered in April to take control of the group through a 1.1 billion euro capital increase. A Casino spokesperson declined to comment beyond its statement on Wednesday or on behalf of Naouri.

Persons: Jean, Charles Naouri, Xavier Niel, Daniel Kretinsky, Casino, Kretinsky, Niel, Matthieu Pigasse, Moez, Alexandre Zouari, Clement Genelot, Garnier, Pigasse, Zouari, Casino's, Mathieu Rosemain, Chiara Elisei, Laura Lenkiewicz, Sudip Kar, Silvia Aloisi, Mark Potter, Alexander Smith Organizations: Casino, Monoprix, BNP, Credit Agricole, Carrefour, Reuters, France's, Naouri, Thomson Locations: PARIS, Czech, Natixis, Casino

☆ France's Mistral AI raises 105 mln euros shortly after being set up
▼ + stars: | 2023-06-13 | by ( Sudip Kar-Gupta | ) www.reuters.com time to read: +2 min

The fund-raising highlights the rapid growth of the artificial intelligence (AI) sector as well as Europe's desire to create rivals to Silicon Valley companies such as Microsoft-backed (MSFT.O) OpenAI and Google's (GOOGL.O) DeepMind. Paris-based Mistral AI was set up by former Meta (META.O) and Google artificial intelligence researchers Timothee Lacroix, Guillaume Lample and Arthur Mensch. Mistral AI's fund-raising was led by international venture capital fund Lightspeed Venture Partners. Former Google CEO Eric Schmidt is also a shareholder in Mistral AI. "Bravo to the start-up Mistral AI which has raised 105 million euros just a month after its creation: a record!"

Persons: Schmidt, Xavier Niel, Rodolphe Saade, Timothee Lacroix, Guillaume Lample, Arthur Mensch, Mensch, Mistral, Eric Schmidt, Jean, Noel Barrot, Bravo, Sudip Kar, David Evans, Leslie Adler Organizations: Lightspeed Venture Partners, Microsoft, Meta, JCDecaux, Italy's Exor Ventures, Mistral, Paris, Twitter, Thomson Locations: PARIS, Silicon, DeepMind, Paris, France, Europe, New York , California, London

☆ China IPOs are uncoupling from Wall Street too
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

Increasingly it is detaching from Wall Street too. Nonetheless, the Shanghai Stock Exchange will hold a hearing for the deal on Friday, per Refinitiv’s IFR. Syngenta is a pillar in Beijing’s strategy to shore up food security and will use the deal to pay down debt. The landmark IPO coincides with signs that Wall Street’s small position in the market is shrinking further. Syngenta’s blockbuster IPO will be an awkward new milestone for Wall Street already facing life in China’s second tier.

Persons: Beijing’s, It’s, Dealogic, Xavier Niel, Pete Sweeney, Thomas Shum Organizations: Reuters, Agricultural Bank of, Shanghai Stock Exchange, HK, BOC, Citic Securities, Twitter, Brookfield, Thomson Locations: MUMBAI, Agricultural Bank of China’s, Hong Kong, China’s, Una

☆ Stellantis SPAC deal has suitably decent airbags
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 12 (Reuters Breakingviews) - Carmakers are in a race to lock in battery metals like lithium. For shareholders, the risk is that they tie up capital in expensive supply deals, or mines in far-flung locations with poor governance. Stellantis’s (STLAM.MI) investment in a London-based special purpose acquisition company deal looks like a neat fix to those challenges. In a complex deal, halfway between an IPO and a SPAC takeover, it will buy the Serrote and Santa Rita mines in east Brazil for $1.1 billion. Besides the original SPAC investors, the bulk of that will likely come from a public offering, and new anchor investors like Stellantis.

Persons: Nat Rothschild’s Vallar, Artem Volynets, Neil Unmack, Xavier Niel, George Hay, Oliver Taslic Organizations: Reuters, Twitter, Brookfield, Thomson Locations: London, Santa, Brazil, Teck, China

☆ Glencore’s Teck coal approach sends two signals
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 12 (Reuters Breakingviews) - At first sight, the latest Teck Resources (TECKb.TO) chess move by Glencore (GLEN.L) is slightly confusing. While that approach still stands, Glencore on Monday said it has now also submitted a cash offer to buy only Teck’s coal unit. Teck’s coal arm is expected to make $2.9 billion of EBITDA in 2024, according to analysts’ estimate polled by Refinitiv, which on the 3 times multiple at which its steelmaking coal peers trade implies an $8.5 billion valuation. Yet Glencore is already offering cash for the coal arm in its punt for the whole company. One is to try to encourage Teck’s board to engage in discussions, given the coal arm has already received interest from Nippon Steel (5401.T) and billionaire Pierre Lassonde.

Persons: Glencore, Gary Nagle’s, Pierre Lassonde, Bunge, Nagle, Karen Kwok, Xavier Niel, George Hay, Oliver Taslic Organizations: Reuters, Teck Resources, Refinitiv, Nippon Steel, Twitter, Brookfield, Thomson Locations: China

☆ Brookfield gets some M&A help from Gulf friends
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 9 (Reuters Breakingviews) - Brookfield Asset Management (BAM.TO) has won its payments race. The Canadian investment group’s 2.2 billion pound bid for London-listed payments provider Network International (NETW.L) was enough to see off a rival pitch from CVC and Francisco Partners. They’ve also endorsed a plan to merge Dubai-based Network International with domestic peer Magnati, a former unit of FAB. If Network International alone can grow revenues at a 15% annual clip and reach a margin of 44% from the current 41%, EBITDA could hit $388 million by 2028. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brookfield, They’ve, EBITDA, Pamela Barbaglia, Xavier Niel, George Hay, Streisand Neto Organizations: Reuters, Brookfield Asset Management, London, Network, Francisco Partners, Abu Dhabi Bank, Abu, Abu Dhabi Developmental Holding Company, FAB, ACI, Brookfield, Twitter, Thomson Locations: Abu Dhabi, Saudi, Dubai

☆ UBS’s state aid is a disaster insurance policy
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 9 (Reuters Breakingviews) - Sergio Ermotti has a taxpayer safety net, but it only kicks in if things get really bad. The state will eat 9 billion Swiss francs ($10 billion) of losses on certain assets once UBS has swallowed an initial 5 billion Swiss francs. The actual contract, despite being 94 pages long, is missing the most important number: how many assets are covered by the agreement. UBS in mid-May said it would write down the value of Credit Suisse’s assets by $10 billion. To breach its initial loss threshold, the assets would have to fall 11% below their already discounted value.

Persons: Sergio Ermotti, Liam Proud, Xavier Niel, George Hay, Oliver Taslic Organizations: Reuters, UBS, Credit Suisse, Finance, Suisse’s, Twitter, Toyota, Thomson

☆ Xavier Niel offers risky alternative for sick GAM
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 8 (Reuters Breakingviews) - French billionaire Xavier Niel is asking investors to have one last flutter on GAM (GAMH.S). GAM investors will receive shares in Liontrust worth around 0.5% of the target company’s assets under management back in May, and even less now. If all goes well, GAM’s current investors could still keep a much larger share of the upside than they would with the Liontrust deal. The risk, however, is that GAM’s turnaround proves hard, cost cuts are more expensive and damaging, and the group keeps losing assets or staff. Moreover, it’s plausible that Niel wins enough backing to block the deal, but not enough to replace the board, leaving GAM in limbo.

Persons: Xavier Niel, Niel, Bruellan, manager’s, Neil Unmack, Liam Proud, Streisand Neto Organizations: Reuters, Liontrust Asset Management, Twitter, Toyota, Thomson Locations: Liontrust

☆ Telco tycoons’ UK bets look stuck underwater
▼ + stars: | 2023-05-25 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

Set those complications aside, however, and his stake-building may have cost about 4.2 billion pounds overall since 2021. That’s according to Breakingviews calculations which use the share price from the day before each stake increase became public. The holding is now worth 3.6 billion pounds, implying a nearly 560 million pound or 13% loss. That’s mild compared with some of Vodafone’s investors. But UK consolidation would hardly move the needle as Vodafone is haggling to retain control of the merged entity.

Within weeks, Della Valle gave them a stark assessment of the problems Vodafone faces. Complicating matters is an investor base with conflicting demands, concerns about Vodafone's dividend outlook and a workforce reeling from the deep job cuts. While many observers in and outside the company had expected a fresh face, Della Valle won over the board. Vodafone's shares are trading at lows last seen in 2002, largely due to a cut to free cash flow forecasts. That may not sit well with Vodafone's other key investors - French telecoms billionaire Xavier Niel, who competes with it in Italy, and Liberty Global, its partner in the Netherlands.

The job cuts are the biggest in the history of Vodafone, which employs 90,000 people directly across Europe and Africa. Della Valle was given a mandate to turn Vodafone around when she permanently took on the top job from the role of CFO last month. Della Valle started cutting jobs when she took the helm at the start of the year, targeting Vodafone's central operations in London. Della Valle said the European telecoms market had long delivered a poor return on the capital invested in networks, but Vodafone's relative performance had worsened over time. "It will take as long as it takes to get a good deal," Della Valle told reporters.

☆ GAM’s takeover rebels have a weak hand
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

The billionaire has a good track record in activism, having agitated to block a rights issue at Unibail-Rodamco-Westfield (URW.PA). But getting a better deal at GAM looks hard. NewGAMe, backed by Niel, and its partner Bruellan are right that the Liontrust offer is far from appealing. The agitators hope to exceed a 10% stake, enough perhaps to stop Liontrust from taking full ownership of GAM. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Ex-Facebook and DeepMind employees in talks to raise sizable initial funding round to build OpenAI rival
▼ + stars: | 2023-05-05 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

A French startup that wants to be Europe's answer to OpenAI is in talks to raise an initial funding round. The secretive new project, named Mistral, was founded by two AI research scientists. Mistral, a secretive new startup pitched as Europe's answer to OpenAI, is in discussions to raise a substantive funding round, sources say. London-based generative AI startup Synthesia is in talks to raise a major round while ElevenLabs raised at a $100 million valuation last month. It's also widened the race for AI supremacy with Google launching its own AI assistant, Bard, to compete with OpenAI.

The investors, who hold some Casino bonds maturing in 2026 and 2027, are seeking to move quickly before details of the tie-up are agreed, the sources added. Other debt being left out of the joint venture could have lower prospects to recover its full value. Casino does not require consent from bondholders to potentially push their holdings into the joint venture, according to two sources. Unrestricted status would allow the joint venture to potentially list on a stock exchange and receive capital from a third party. Casino and Teract said in a joint statement in March that discussions have already started with potential investors about providing the additional capital.

☆ Xavier Niel can feast on European telco misery
▼ + stars: | 2023-03-27 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +5 min

LONDON, March 27 (Reuters Breakingviews) - Xavier Niel is set to be more than a spectator in the looming consolidation of Europe’s telecoms industry. It earned EBITDA after leases of 3.3 billion euros last year. Those shareholdings have a combined market value of 1.2 billion euros, though they were partly funded through derivatives, potentially limiting the tycoon’s cash outlay. On a multiple of 6 times last year’s EBITDA of 652 million euros it’s worth little more than the 3.5 billion euros Niel and other investors paid in 2017. Smaller investments in Monaco Telecom and holdings in Senegal and the Comoros are probably worth a combined billion euros, bankers estimate.

☆ Vodafone travails require more than caretaker CEO
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 1 (Reuters Breakingviews) - Vodafone (VOD.L) needs more than an interim chief executive to dig itself out of its current funk. Sales fell 1.8% in Germany in the quarter ending December, which accounts for more than 30% of the group’s overall revenue. Della Valle is accelerating the group’s 1 billion euros cost-cutting plan, and implementing her predecessor’s decisions. But an interim CEO cannot take strategic decisions, such as whether or not to sell the Italian unit eyed by France’s Iliad - whose owner Xavier Niel has taken a 2.5% stake in Vodafone. Vodafone needs a permanent CEO.

☆ Robert Iger, Henry Kravis to Buy Minority Stake in Thrive Capital
▼ + stars: | 2023-01-24 | by ( Berber Jin | ) www.wsj.com time to read: 1 min

Venture firm Thrive Capital is selling a stake to a group of investors including Walt Disney Co. CEO Robert Iger and KKR & Co. co-founder Henry Kravis , a rare move designed to expand its investing reach and give the founders of the startups it backs access to some of the world’s most powerful business figures. As a part of the transaction, Brazilian food magnate Jorge Paulo Lemann , French telecoms executive Xavier Niel , Indian oil tycoon Mukesh Ambani , Mr. Iger and Mr. Kravis will invest about $175 million to purchase a 3.3% stake in Thrive, the New York-based firm said Tuesday. The deal values the venture firm at $5.3 billion.

☆ Insurance startup Evy promises better product protection and just brought in $6.4 million from Sequoia. Check out its 10-slide seed pitch deck.
▼ + stars: | 2022-10-26 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Paris-based insurance tech startup Evy has raised $6.4 million in seed funding from Sequoia. Founded in 2022, Evy wants to grow the product protection market in Europe. Check out the company's 10-slide pitch deck below:Evy, a Paris-based insurance tech startup, has raised $6.4 million in seed funding from US investor Sequoia. The startup specializes in product protection insurance but doesn't work directly with consumers. Unlike more consumer-facing insurance tech companies, which have struggled in 2022, Evy said its B2B2C model was preferable, since there are no customer acquisition costs and marketing spend is lower.

☆ French telecoms tycoon Niel ventures into crowded payment sector
▼ + stars: | 2022-09-27 | by ( Mathieu Rosemain | ) www.reuters.com time to read: +2 min

Xavier Niel, founder of French broadband Internet provider Iliad, arrives for a hearing on the concentration of media ownership in the country, at the French Senate in Paris, France, February 18, 2022. REUTERS/Sarah Meyssonnier/File PhotoRegister now for FREE unlimited access to Reuters.com RegisterPARIS, Sept 27 (Reuters) - Xavier Niel, the founder and owner of French telecoms group Iliad, is venturing into the crowded payment sector with the aim of applying the same low-cost formula he used for mobile phone services. Register now for FREE unlimited access to Reuters.com RegisterThe payment sector includes bigger companies such as U.S.-based Stripe and Netherlands-based Adyen (ADYEN.AS), currently valued at about 40 billion euros ($38.50 billion). Iliad's Free Mobile services shook France's mobile market in 2012 with cheaper contracts, unleashing a wave of cut-throat competition whose effects are still be felt today. ($1 = 1.0391 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Mathieu Rosemain; editing by Richard LoughOur Standards: The Thomson Reuters Trust Principles.

☆ Courbit-led group offers 20 euros a share for M6 stake - Bloomberg News
▼ + stars: | 2022-09-25 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: A view shows French television group M6 headquarters in Neuilly-sur-Seine, near Paris, France, May 21, 2021. REUTERS/Sarah Meyssonnier/File Photo(Reuters) - French media mogul Stephane Courbit and his investor partners are said to have offered 20 euros ($19) a share for Bertelsmann SE & Co.’s stake in television company Groupe M6, Bloomberg News reported on Sunday. The offer is a 39% premium to Friday’s closing price of 14.43 euros per share, and values the 48% stake around 1.22 billion euros. Czech billionaire Daniel Kretinsky also made an offer for the stake, the report said, citing a person familiar with the matter. In March 2021, when Bertelsmann confirmed talks to sell its stake, French media reported that RTL’s stake was worth 1.5 billion euros ($1.48 billion), valuing all of M6 at about 3 billion euros.

☆ Courbit-led group offers 20 euros a share for M6 stake, Bloomberg reports
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterA view shows French television group M6 headquarters in Neuilly-sur-Seine, near Paris, France, May 21, 2021. The offer is a 39% premium to Friday's closing price of 14.43 euros per share, and values the 48% stake around 1.22 billion euros. Register now for FREE unlimited access to Reuters.com RegisterReuters could not immediately reach Courbit for comment. In March 2021, when Bertelsmann confirmed talks to sell its stake, French media reported that RTL's stake was worth 1.5 billion euros ($1.48 billion), valuing all of M6 at about 3 billion euros. ($1 = 1.0320 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ French telecoms tycoon Niel buys 2.5% stake in Vodafone
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterXavier Niel, founder of French broadband Internet provider Iliad, arrives for a hearing on the concentration of media ownership in the country, at the French Senate in Paris, France, February 18, 2022. REUTERS/Sarah Meyssonnier/File PhotoLONDON, Sept 21 (Reuters) - French billionaire telecoms executive Xavier Niel, the founder and majority owner of Iliad, has bought a 2.5% stake in Britain's Vodafone (VOD.L) through an investment vehicle. Register now for FREE unlimited access to Reuters.com RegisterAtlas said it was supportive of Vodafone’s publicly stated intention to pursue consolidation opportunities, as well as its efforts in infrastructure separation. Niel has telecoms investments in nine countries in Europe with nearly 50 million active subscribers and more than 10 billion euros of revenue, Atlas said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Paul Sandle; editing by James Davey and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

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